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A bill seeking to provide for four nominees by a bank account holder was introduced in the <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords" meta.keywordsubtype="org" meta.entityname="Lok Sabha" meta.hostid="153" meta.entityid="Lok Sabha">Lok Sabha</keyword> on Friday to ensure better protection of depositors and enhance customer convenience. Introduced by Minister of State for Finance Pankaj Chaudhary in the Lower House, the Banking Laws (Amendment) Bill, 2024, has a provision for simultaneous and successive nominations to bank accounts, lockers, etc. As per the provision of the bill, a bank account holder can nominate up to four persons. The bill also seeks to transfer of unclaimed dividends, shares, and interest or redemption of bonds to the Investor Education and Protection Fund (IEPF), allowing individuals to claim transfers or refunds from the fund, and thus safeguarding investors' interests. As the banking sector has evolved over the years, and with a view to improving bank governance and investor protection, it has become necessary to make certain amendments to five Acts, according to Statement of Objects and Reasons of the Bill. The Bill, which was approved by the <keyword id="19916620" type="General" weightage="20" keywordseo="Union-Cabinet" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Cabinet" meta.hostid="153" meta.entityid="Union Cabinet">Union Cabinet</keyword> last week, proposes to amend the <keyword id="20824389" type="General" weightage="20" keywordseo="Reserve-Bank-of-India-Act" source="keywords">Reserve Bank of India Act</keyword>, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. The proposed bill seeks to improve governance standards, provide consistency in reporting by banks to the Reserve Bank of India, ensure better protection for depositors and investors, improve audit quality in public sector banks, bring customer convenience in respect of nominations, and to provide for increase in the tenure of the directors in co-operative banks. Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago. Congress member Manish Tewari opposed the introduction of the bill, saying the power to legislate with regard to cooperatives vests with state governments. RSP member N K Premachandran opposed amending five legislations through one bill, while TMC member Saugata Roy termed the bill "superfluous", saying the the amendments proposed in the bill could have been done through administrative decisions. Responding to opposition's remarks, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said the various amendments done in Banking Regulations Act with respect to <keyword id="20814377" type="General" weightage="20" keywordseo="cooperative-banks" source="keywords">cooperative banks</keyword> are not just one or two but several. "Simple understanding is we are not touching any aspect of the cooperatives other than that which claims under the name of banking...the sections which have been brought in for amendments, as also the court verdicts, have repeatedly reinforced the point that Banking Regulation Act and the Cooperative Banks do have this relationship and therefore it has to be taken through this route," she said. Otherwise, there is no attempt to undermine the cooperatives, particularly cooperatives dealing with everything other than banks, she said defending the Bill. The bill proposes to increase the tenure of directors (excluding the chairman and whole-time director) in cooperative banks from 8 years to 10 years, so as to align with the Constitution (Ninety-Seventh Amendment) Act, 2011. Once passed, the bill would allow a director of a Central Cooperative Bank to serve on the board of a State Cooperative Bank. The bill also seeks to give greater freedom to banks in deciding the remuneration to be paid to statutory auditors. It also seeks to redefine the reporting dates for banks for regulatory compliance to the 15th and last day of every month, instead of the second and fourth Fridays. "What's the rationale behind it? The current reporting Friday system has several limitations that impact the accuracy and effectiveness of the reporting of data. "These limitations are incomplete coverage of monthly data, seasonal fluctuations in banking activity which lead to inconsistent reporting, and the need for adjustment every 11th year which introduces complications and inconsistencies. That is why, in order to address the issue, it is proposed to amend the legislation," she said. The announcement about amendments to the Banking Regulation Act was made by the Finance Minister in the 2023-24 Budget speech. "To improve bank governance and enhance <keyword id="22728161" type="General" weightage="20" keywordseo="investors-protection" source="keywords">investors' protection</keyword>, certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act are proposed," she had said.

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

Union Cabinet headed by Prime Minister Narendra Modi met in Parliament on Tuesday to approve the Union Budget ahead of its presentation by <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword>. Prime Minister Narendra Modi arrived in Parliament this morning to attend the cabinet meeting. On Monday, Prime Minister said the Economic Survey highlighted the prevailing strengths of the economy and identifies areas for further growth and progress as the government "moves towards building a Viksit Bharat". Union Ministers Amit Shah, Rajnath Singh and Pralhad Joshi were also seen arriving in the Parliament earlier for the Cabinet meeting today. At 11 am, Finance Minister Nirmala Sitharaman will present the <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword>. Earlier today, Sitharaman met with President Droupadi Murmu before leaving for Parliament. This would mark Sitharaman's seventh consecutive budget and eclipses the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India. Addressing the media, Minister of State for Finance Pankaj Chaudhary earlier said that the first Union Budget of the third Modi government will be based on his mantra of "Sabka Saath Sabka Vikas". Union Minister Pralhad Joshi said that this budget would accelerate the country's economic growth. "The economic growth that happened under the leadership of Prime Minister Narendra Modi, this budget and this Budget will further accelerate it. The budget that will be presented today by Nirmala ji will also help our country, which is the fastest-growing economy," Pralhad Joshi said while speaking to the media on the Parliament premises on Tuesday. The budget session of Parliament began on July 22 and, according to schedule, will end on August 12. On Monday, the economic survey presented in Parliament by finance minister Sithraman stated that in the medium term, the Indian economy can grow at a rate of 7 per cent. The economic survey stated, "In the medium term, the Indian economy can grow at a rate of 7 per cent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments and the private sector. "The survey further added that India faces a unique blend of opportunities and challenges amid global trends such as geo-economic fragmentation, a push for self-reliance, looming climate change, the rise of technology, and limited policy space. (ANI) SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: PM Modi arrives in Parliament ahead of Budget 2024 presentation</a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024-25: Focus on employment, skilling, MSME and middle class</a>

Union Cabinet meets in Parliament ahead of Budget presentation

<keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday presented the <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword> after the Cabinet gave its approval. In her intial comments, Sithamraman said India's economic growth will be a shining exception. "We are determined all Indians regardless of religion and age achieve life goals and aspirations," Sitharman said. The Finance Minister presented first Union Budget of the Modi 3.0 government and her seventh consecutive one during the Monsoon Session of Parliament. The Economic Survey 2023-24 was tabled yesterday in the Parliament. Union Cabinet headed by Prime Minister Narendra Modi met in Parliament today to approve the Union Budget ahead of its presentation by the Finance Minister. This would mark Sitharaman's seventh consecutive budget and eclipses the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India. Addressing the media, Minister of State for Finance Pankaj Chaudhary earlier said that the first Union Budget of the third Modi government will be based on his mantra of "Sabka Saath Sabka Vikas". Union Minister Pralhad Joshi said that this budget would accelerate the country's economic growth. "The economic growth that happened under the leadership of Prime Minister Narendra Modi, this budget and this Budget will further accelerate it. The budget that will be presented today by Nirmala ji will also help our country, which is the fastest-growing economy," Pralhad Joshi said while speaking to the media on the Parliament premises on Tuesday. The budget session of Parliament began on July 22 and, according to schedule, will end on August 12. On Monday, the economic survey presented in Parliament by finance minister Sithraman emphasized the resilience of the Indian economy and its stable post-Covid recovery. The Survey underscored the government's commitment to "Nari Shakti" through various legislative measures and provisions aimed at boosting women's participation in diverse professions. According to the Economic Survey, the budget for women's welfare and empowerment schemes has surged by 218.8 per cent, growing from Rs 97,134 crore (BE) in FY14 to Rs 3.10 lakh crore in FY25. Additionally, the Gender Budget Statement (GBS) has seen a 38.7 per cent increase compared to FY24 BE, with its share in the total Union Budget rising to 6.5 per cent in FY25, the highest since GBS was introduced in FY06. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a>

"India's economic growth will be shining exception" FM Nirmala Sitharaman presents Union Budget 2024-25

New Delhi [India], July 23 (ANI): <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> is set to present the <keyword id="15626720" type="General" weightage="20" keywordseo="Union-Budget-2024" source="Orion">Union Budget 2024</keyword> in Parliament today, marking her seventh consecutive budget and eclipsing the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India. At 11 am today, the much-awaited full budget for 2024-25, the first under the Modi 3.0 government, will be presented on the floor of the Parliament. All eyes will be on the major announcements made by the finance minister and the government's forward-looking guidance about the overall economy. Sitharaman will lay on the table a statement (in English and Hindi) of the estimated receipts and expenditures of the government for the year 2024-25 in the Rajya Sabha. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25: Focus on employment, skilling, MSME and middle class" mstype="2" mssubtype="0"></div>She will table the budget one hour after the conclusion of the presentation of the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 in the Lok Sabha. The Finance Minister also lay on the table, under subsection (1) of Section 3 of the Fiscal Responsibility and Budget Management Act, 2003, a copy each (in English and Hindi) of the following papers: medium-term fiscal policy strategy statement and macro-economic framework statement. The Finance Minister will further lay on the table statements (in English and Hindi) of the estimated receipts and expenditures (2024-25) of the Union Territory of Jammu and Kashmir (with the legislature). The interim budget, tabled on February 1, took care of the financial needs of the intervening period until a government was formed after the Lok Sabha polls, after which a full budget was to be presented by the new government. With this upcoming budget presentation, Finance Minister Nirmala Sitharaman will surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as finance minister. The <keyword id="105431" type="General" weightage="20" keywordseo="budget-session" source="Orion">budget session</keyword> of Parliament began on July 22 and, according to schedule, will end on August 12. Before presenting the Budget, the finance minister will go to the North Block, where the Ministry of Finance is housed. She will meet the secretaries of her ministry, and later, along with them, she will reach the President's residence to get permission before presenting the Budget. About half an hour before the budget is presented, a Cabinet meeting headed by the prime minister is usually held, where ministers are briefed about the budget and Cabinet approval is taken. Putting aside the details of the upcoming budget, let us review the budget-making process and sequence of events typically followed. The Ministry of Finance typically issues circulars to all ministries, Union territories, States, and autonomous entities to send their demands and recommendations for the Union budget around September-October, with budgets typically tabled on February 1. Another key event before the budget presentation is the 'halwa ceremony'. A few days before the budget is presented, the government has a tradition of conducting a 'halwa ceremony', marking the start of budget document printing. The Halwa ceremony is significant as it also marks the beginning of a lockdown at the finance ministry, meaning no official is allowed to leave the ministry compound. Everyone on the budget team is allowed to leave only after the financial document is presented in Parliament. The printing of the Union Budget inside the basement located in the North Block has been a permanent feature since 1980. A day before the budget is scheduled to be tabled, the government typically releases its Economic Survey. This year, too, the same norms were followed. The Economic Survey serves as a crucial input for budget formulation. It is prepared by the Chief Economic Advisor and provides an overview of the country's economic performance, prospects, and policy recommendations, including future outlook. India is poised to remain the fastest-growing major economy in 2024-25, Chief Economic Adviser V Anantha Nageswaran said in a press conference after the tabling of the Economic Survey. The Economic Survey tabled projected India to grow at 6.5-7.0 percent in 2024-25. As per the Economic Survey 2023-24 tabled by Finance Minister Nirmala Sitharaman, the Indian economy is on a strong and stable footing, demonstrating resilience in the face of geopolitical challenges. The first Economic Survey reportedly came into existence in 1950-51, when it used to be a part of the budget documents. In the 1960s, it was separated from the budget documents and presented a day before the Union Budget. The budget, once it is presented, is then subjected to detailed debate and discussion in both houses of Parliament, allowing members to scrutinise its provisions, raise concerns, and propose amendments. Following its presentation and approval by Parliament, the Union Budget sets in motion a series of post-budget activities aimed at implementing its provisions and achieving the outlined objectives. Like the previous few full Union budgets, the Budget 2024 will also be delivered in paperless form. An Interim Union Budget 2024 was presented on February 1, as the country was due for general elections later in the year. All the Union Budget documents, including the Annual Financial Statement (commonly known as the Budget), Demand for Grants (DG), and Finance Bill, as prescribed by the Constitution, will be available on the "Union Budget Mobile App" for hassle-free access to budget documents by Members of Parliament (MPs) and the public. The app is bilingual (English and Hindi) and available on both Android and iOS platforms. The app can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in). SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: PM Modi arrives in Parliament ahead of Budget 2024 presentation</a> <a href="https://www.businessinsider.in/budget/news/why-did-the-latest-economic-survey-of-india-heavily-shun-the-western-ways-of-climate-action/articleshow/111947230.cms" data-type="tilCustomLink" target="_blank">Why did the latest Economic Survey of India heavily shun the ‘Western ways’ of climate action?</a>

Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today

<keyword id="2540" type="POSITION" weightage="20" keywordseo="President">President</keyword> Ram Nath Kovind accepted the resignations of 12 Union <keyword id="6364618" type="UNKNOWN" weightage="20" keywordseo="ministers">ministers</keyword>, including <keyword id="6354886" type="PERSON" weightage="20" keywordseo="Ravi-Shankar-Prasad">Ravi Shankar Prasad</keyword>, Prakash Javadekar and Harsh Vardhan, with immediate effect, according to an official statement on Wednesday. These resignations came ahead of a major expansion and <keyword id="44078" type="PERSON" weightage="20" keywordseo="reshuffle">reshuffle</keyword> of the <keyword id="11590054" type="UNKNOWN" weightage="20" keywordseo="union-council-of-ministers-later-in">Union Council of Ministers later in</keyword> the day. In all, <keyword id="11590055" type="UNKNOWN" weightage="20" keywordseo="six-cabinet-ministers">six Cabinet Ministers</keyword>, one Minister of <keyword id="6355728" type="UNKNOWN" weightage="20" keywordseo="state">State</keyword> (Independent Charge) and five Ministers of State have resigned. Those resigned include Cabinet Ministers D V Sadananda Gowda (Chemical and Fertilizers), Ravi Shankar Prasad (Law and Justice, Communications, Electronics &amp; Information Technology), <keyword id="2839463" type="PERSON" weightage="20" keywordseo="Thaawarchand-Gehlot">Thaawarchand Gehlot</keyword> (<keyword id="112438" type="ORGANIZATION" weightage="20" keywordseo="social-justice">Social Justice</keyword> and Empowerment), Ramesh Pokhriyal 'Nishank' (Education), Harsh Vardhan (Health and Family Welfare) and Prakash Javadekar (Environment, Forest and Climate Change). The resignation of Santosh Kumar Gangwar, Minister of State (Independent Charge) for Labour and Employment, has also been accepted by the president. Five Ministers of State -- Babul Supriyo (Environment, Forest and Climate Change), Dhotre Sanjay Shamrao (Education), Rattan Lal Kataria (Jal Shakti), Pratap Chandra Sarangi (Micro, Small and Medium Enterprises) and Debasree Chaudhuri (Women and Child Development) -- have also resigned. The President, as advised by the Prime Minister, has accepted the resignations of these ministers from the Council of Ministers with immediate effect, the statement said. SEE ALSO - <a href="https://www.businessinsider.in/stock-market/news/gr-infraprojects-ipo-good-ipo-bet-for-long-term-as-per-analysts/articleshow/84193656.cms" data-type="tilCustomLink">GR Infraprojects IPO is for long term investors, say analysts</a> <a href="https://www.businessinsider.in/stock-market/news/clean-science-and-technology-ipo-maximum-broking-house-recommending-this-ipo/articleshow/84193873.cms" data-type="tilCustomLink">Clean Science and Technology, an Indian supplier to Bayer, has opened its IPO ⁠— and ‘subscribe’ is the unanimous call from analysts</a>

President Ram Nath Kovind accepts resignations of 12 union ministers, including Ravi Shankar Prasad, Prakash Javadekar and Harsh Vardhan

<keyword id="6357713" type="General" weightage="20" keywordseo="Uttar-Pradesh" source="Orion">Uttar Pradesh</keyword> Chief Minister <keyword id="43254" type="General" weightage="20" keywordseo="yogi-adityanath" source="Orion">Yogi Adityanath</keyword> on Sunday expanded his cabinet by inducting seven new <keyword id="6364618" type="General" weightage="20" keywordseo="ministers" source="Orion">ministers</keyword>. All the new ministers were administered oath of office and secrecy by Governor Anandiben Patel at a hurriedly convened ceremony at the <keyword id="138" type="General" weightage="20" keywordseo="Raj-Bhavan" source="Orion">Raj Bhavan</keyword>, in the presence of the Chief Minister and his cabinet colleagues. Among those who were sworn in are one cabinet minister and six ministers of state. The much-awaited expansion comes barely months before the state is preparing for assembly elections in early 2022. Through this expansion, the BJP has made it clear that it will focus on OBCs and SC/ST categories to ensure its return to power in next year's assembly elections. While Jitin Prasada, who has been sworn in as cabinet minister, is the lone Brahmin leader to get a place in Sunday's expansion, the remaining six belong to OBC (three) and Scheduled Caste (two) and Scheduled Tribe (one). The six ministers of state who were sworn in are -- Sanjeev Gond (ST-Sonbhadra), Dharamvir Prajapati (OBC-Agra), Chhatrapal Gangwar (OBC-Bareilly), Sangita Balwant Bind (OBC-Ghazipur), Paltu Ram (SC- Balrampur) and Dinesh Khatik (SC-Meerut). Apart from ensuring a caste balance, the party has also made sure to provide representation to all parts of the state. A surprise omission in Sunday's list is the name of Arvind Kumar Sharma, a former bureaucrat in the PMO who had taken voluntary retirement in January this year to join politics. He came to Lucknow and was immediately made member of the UP legislative council. It was believed that he would soon be inducted into the ministry and given an important portfolio, however that did not happen. There are 53 ministers in the UP cabinet at present, and seven more could be inducted as per the constitutional limit. This is the third time the Yogi cabinet has been expanded since the Chief Minister was first sworn in on March 19, 2017. As many as 23 new ministers were inducted into the cabinet on August 21, 2019. SEE ALSO: <a href="https://www.businessinsider.in/india/news/highlights-of-prime-minister-narendra-modis-speech-at-the-unga-today/articleshow/86510462.cms">Indian Prime Minister Narendra Modi makes his points on China, Afghanistan and Pakistan at the United Nations General Assembly</a> <a href="https://www.businessinsider.in/thelife/personalities/freshworks-ceo-girish-mathrubootham-shares-someone-said-i-will-be-nothing-but-a-rickshaw-puller/articleshow/86507840.cms">WATCH: "Someone said I am good enough to be a rickshaw puller," shares Freshworks CEO Girish Mathrubootham in a candid chat</a>

Uttar Pradesh CM Yogi Adityanath adds seven new ministers including Jitin Prasada ahead of polls

Prime Minister Rishi Sunak has said that the UK government remains committed to working "as quickly as possible" towards a successful conclusion to the ongoing free trade agreement (<keyword id="6381659" type="General" weightage="80" keywordseo="fta" source="Orion">FTA</keyword>) talks with <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>, as the majority of the substantive negotiation conversations were completed at the end of last month. At a House of Commons session on the G20 Summit in Indonesia on Thursday, the British Indian leader updated <keyword id="6354721" type="General" weightage="50" keywordseo="parliament" source="Orion">Parliament</keyword> that he reviewed progress on the FTA during his first meeting with Prime Minister Narendra Modi since taking charge at 10 Downing Street. He was questioned by <keyword id="3438106" type="General" weightage="50" keywordseo="opposition-labour-party" source="Orion">Opposition Labour Party</keyword> Leader Keir Starmer and his own <keyword id="107792" type="General" weightage="50" keywordseo="conservative-party" source="Orion">Conservative Party</keyword> MPs on the timeline for the completion of the agreement with India. "I discussed the free trade agreement with India, and both the Prime Minister of India and I committed our teams to working as quickly as possible to see if we can bring a successful conclusion to the negotiations," said Sunak. "Without negotiating all these things in public, I am pleased that the majority of the substantive negotiation conversations were concluded by the end of October. We will now work at pace with the Indian teams to try to resolve the issues and come to a mutually satisfactory conclusion," he said. More broadly, he reiterated the UK government's stance since the Diwali deadline for the FTA was missed, that he would not "sacrifice quality for speed" because it is important to take the time to get trade deals right. Sunak was questioned about his other discussions with Modi and whether he raised issues such as India's stance over the Russia-Ukraine conflict and also the UK being an exception within Europe to not be offered the e-visa facility - something he confirmed was discussed and will remain on the government's agenda. On India's "non-aligned" position on the Ukraine conflict, he claimed "enormous comfort" from the fact that the G20 communique "contained strong language of condemnation about Russia's aggression". "Our relationship and partnership with India are much broader than just a trading relationship. I was pleased to discuss increasing our security cooperation with India," said Sunak. "We also announced the mobility scheme to enable young people from India to come here and young Brits to go there, which is a sign of what is possible. Such exchanges are positive both for our countries and for the young people who benefit," he said, with reference to the new UK-India Young Professionals Scheme launched at the summit earlier this week involving 3,000 new reciprocal visa offers annually for under-30s - dubbed as "good for both Indian students and British students who want to go back and forth". On the new scheme, Labour's Indian-origin MP Tanmanjeet Singh Dhesi questioned the move against the backdrop of "dog whistle" anti-immigrant rhetoric from <keyword id="6363870" type="General" weightage="50" keywordseo="home" source="Orion">Home</keyword> Secretary Suella Braverman's "incendiary remarks against international students that so incensed people in India". The <keyword id="312687" type="General" weightage="50" keywordseo="labour-leader" source="Orion">Labour Leader</keyword> also attacked Braverman for putting the FTA deal with India in doubt after indicating that she would not support it, with reference to her controversial remarks on Indians being the largest group of visa overstayers. "The Home Secretary is rightly focused - there is nothing 'dog whistle' about it - on clamping down on illegal migration, which the British people rightly expect and demand, and it is something that she and this government will deliver," Sunak said in defence of his <keyword id="6355513" type="General" weightage="50" keywordseo="cabinet" source="Orion">Cabinet</keyword> minister. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/draft-data-protection-bill-proposes-six-types-of-penalties/articleshow/95604456.cms">Draft Data Protection Bill proposes six types of penalties</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/pakistans-total-debt-surges-to-rs-12-trillion-in-first-quarter/articleshow/95603384.cms">Pakistan's total debt surges to Rs 12 trillion in first quarter</a>

Rishi Sunak says UK is committed to working quickly on free trade agreement with India

<keyword id="6355882" type="UNKNOWN" weightage="20" keywordseo="israel">Israel</keyword> has entered the <keyword id="10489042" type="UNKNOWN" weightage="20" keywordseo="third-nationwide-lockdown">third nationwide lockdown</keyword> amid a <keyword id="1002532" type="PERSON" weightage="20" keywordseo="vaccination-drive">vaccination drive</keyword> aimed at curbing the raging coronavirus pandemic. The restrictions, which came into force on Sunday, will last for at least two weeks, pending a final decision by the <keyword id="10504627" type="UNKNOWN" weightage="20" keywordseo="coronavirus-cabinet">coronavirus cabinet</keyword>, reports Xinhua news agency. Under the new measures, from 5 p.m. every evening, people are required to stay within 1,000 metres of their homes, except for commuting to workplaces that have been defined as "essential," seeking medical care, attending legal proceedings, and exercising. Restaurants and shops are closed, except for deliveries. Unlike the two previous lockdowns, kindergartens, schools for children under six, and secondary schools for grades 11 and 12 will remain open. The Finance Ministry has estimated that reimposing the third lockdown will cost the <keyword id="10504628" type="UNKNOWN" weightage="20" keywordseo="israeli-economy">Israeli economy</keyword> about $930 million a week. On Saturday, <keyword id="600409" type="PERSON" weightage="20" keywordseo="Prime-Minister-Benjamin-Netanyahu">Prime Minister Benjamin Netanyahu</keyword> said he was hopeful that the country's vaccination drive will help beat the pandemic, as Israel was entering the second week of its vaccination drive. In the current stage, however, only the elderly, people at high risk, and medical teams are being administered the vaccine. According to Netanyahu, Israel can provide up to 150,000 vaccine shots per day by January 1, 2021. "Since everyone needs two injections, after one month we will have vaccinated 2.25 million Israeli citizens," the prime minister said. With a population of about 9 million, Israel has so far reported 401,470 confirmed coronavirus cases and 3,226 deaths. SEE ALSO: <a href="https://www.businessinsider.in/international/news/israel-headed-for-fourth-national-election-in-two-years-as-its-government-collapses/articleshow/79908933.cms">Israel headed for fourth national election in two years as its government collapses</a>

Israel imposes third nationwide lockdown amid vaccination drive

<ul><li>The President of Bharatiya Janata Party has taken oath as a minister in the government as Modi got sworn in for a second time.</li><li>Amit Shah spent the first five years of Modi regime tightening his grip over the party and strategising for the 2019 elections.</li></ul><ul><li>Shah will take over as Home Minister, a portfolio that will be responsible to implement the contentious National Register for Citizens</li></ul>The President of Bharatiya Janata Party has taken oath as a minister in the government as Modi got sworn in for a second time and he will take charge of the Ministry of Home Affairs from Rajnath Singh who will take over as Defence Minister from Nirmala Sitharaman, who has been appointed as the finance minister. The 55-year old Amit Shah spent the first five years of Modi regime tightening his grip over the party and getting the strategy right for the 2019 elections, and came out with flying colours. Not surprisingly, he is one of the top three ministers in the Modi cabinet. Aside from law and order, Shah will push the National Register of Citizens Bill, which proposes to grant citizenship to Hindus, Buddhists, Parsis, Jains, Sikhs and Christians from Bangladesh, Pakistan and Afghanistan after six years of residence in India, even if they cannot produce the required documents. The amendment bill was passed by the Lok Sabha in January 2018 but could not be introduced in the Rajya Sabha, which means it is now set to lapse. Earlier, <a href="https://www.indiatoday.in/india/story/amit-shah-modi-cabinet-finance-minister-1538501-2019-05-30" data-type="tilCustomLink" target="_blank">reports speculated</a> that Shah may take over as Finance Minister and the Sensex clocked a gain of over 300 points. "We know so little about what BJP’s economic priorities are for the next five years," a long-time India watcher and political analyst, Alastair Newton, Co-founder &amp; Director, Alavan Business Advisory, told Business Insider on May 24. Amit Shah hails from a business family in Gujarat. His father reportedly owned a successful PVC pipe business. Early in his career he is said to have worked as a stock broker in Ahmedabad. Even now he has investments in <a href="https://www.businesstoday.in/current/economy-politics/bjp-chief-former-stock-broker-amit-shah-continues-penchant-for-investing-loves-blue-chips/story/352064.html" data-type="tilCustomLink" target="_blank">blue chip stocks in India</a>. His top investments being ₹2 crore worth of shares in Reliance Industries, ₹1.4 crore in L&amp;T Finance, ₹ 1 crore in TCS. He also has ₹97 lakh in UltraTech, ₹83 lakh in Hindustan Lever and ₹65 lakh in Maruti. Never before had a non-Congress government returned to power with a thumping majority like the National Democratic Alliance led by the BJP did in 2019 and Amit Shah has been credited for his sharp political acumen and strategic thinking. SEE ALSO: <a href="https://www.businessinsider.in/india-election-results-fii-watch-narendra-modis-new-cabinet-and-policy-decisions/articleshow/69479558.cms" data-type="tilCustomLink" target="_blank">Foreign investors are thrilled about Modi's win but don't know what to expect from him</a>

Amit Shah will take charge as India's Home minister in Narendra Modi's new cabinet

<ul><li>Lebanon’s Prime Minister Hassan Diab announced in a press conference on Monday that his government would resign from power following the explosion in Beirut.</li><li>His announcement came after several of his 20 cabinet members announced their own resignations.</li><li>The August 4 explosion in Beirut killed at least 160 people and injured 6,000 others.</li></ul><keyword id="9735735" type="UNKNOWN" weightage="20" keywordseo="lebanon-prime-minister-hassan-diab">Lebanon Prime Minister Hassan Diab</keyword> has announced his cabinet’s resignation on Monday over the deadly explosion in Beirut. “I declare today the resignation of this government,” <a href="https://twitter.com/AJEnglish/status/1292864721159368706">he said at a press conference</a> at the presidential palace on Monday, after several members of his 20-person cabinet announced their own resignations. The resignation means that Lebanon will have to form a new cabinet, just months after forming Diab’s earlier this year. Ahead of Diab’s announcement, several members of parliament also resigned, <a href="https://apnews.com/598da05d3907aa58399c86ff85a9babc?utm_campaign=SocialFlow&amp;utm_medium=AP&amp;utm_source=Twitter">according to the Associated Press</a>. “Only God knows how many catastrophes they are hiding,” Diab said at his press conference, <a href="https://www.washingtonpost.com/world/middle_east/lebanons-prime-minister-steps-down-amid-large-protests-following-last-weeks-blast/2020/08/10/423c4928-da9e-11ea-b4f1-25b762cdbbf4_story.html">the Washington Post reported</a>. “That’s why I have announced my resignation today. May Allah protect Lebanon. May Allah protect Lebanon. May Allah protect Lebanon.” <a href="https://apnews.com/598da05d3907aa58399c86ff85a9babc">According to the AP,</a> Diab blamed the explosion on corruption that preceded him in office. “They (the political class) should have been ashamed of themselves because their corruption is what has led to this disaster that had been hidden for seven years,” he said. The mass resignation comes after an August 4 explosion in Beirut that killed at least 160 people in injured another 6,000. The explosion was fuelled by thousands of tons of explosive ammonium nitrate, which had been improperly stored in a warehouse near the port for years. <a href="https://www.businessinsider.com.au/how-big-was-the-explosion-that-devastated-beirut-moab-2020-8">Business Insider’s Ryan Pickrell previously reported</a> that the explosion registered as a magnitude 3.3 earthquake. Several people have been detained for questioning over the blast, including the head of Lebanon’s customs department and the head of the port where the chemicals had been stored. Two former cabinet officials and the heads of the country’s security agencies have also been questioned, government officials told AP. Resignations in the government’s cabinet started on Sunday when the information and environment ministers stepped down, and several others followed, <a href="https://www.reuters.com/article/us-lebanon-security-blast/lebanon-government-set-to-resign-amid-outrage-over-beirut-blast-minister-idUSKCN2560XY">Reuters reported</a>. Diab is expected to announce the entire government would resign in his Monday press conference. The explosion also led to violent protests, with demonstrators <a href="https://www.businessinsider.com/beirut-lebanon-protests-clashes-tear-gas-massive-blast-2020-8">accusing the government of neglect leading up to the blast</a>, which caused an estimated $US10 billion to 15 billion in damage. Lebanon’s president and prime minister had received a report on July 20 – two weeks before the blast – in which state security officials warned government leaders of the dangers of storing chemicals in the port. An investigation into why nothing was done has been launched. World leaders have pledged $US300 million to help Lebanon rebuild following the explosion, but much of the funds are being withheld until government officials address protesters and set out plans for political and economic reform. This article first appeared in<a href="https://www.businessinsider.com.au/lebanon-government-resigns-after-deadly-beirut-explosion-2020-8"> Business Insider Australia </a> SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/trump-was-rushed-from-the-briefing-room-by-secret-service-after-a-shooting-outside-of-the-white-house/articleshow/77474005.cms">Trump was rushed from the briefing room by Secret Service after a shooting outside the White House</a> <a href="https://www.businessinsider.in/careers/news/mckinsey-facebook-amazon-nokia-and-some-other-companies-looking-for-a-product-manager-right-now/slidelist/77464438.cms">McKinsey, Facebook, Amazon, Nokia — and some other companies looking for a product manager right now</a> <a href="https://www.businessinsider.in/business/startups/news/how-karan-bajaj-sold-his-less-than-18-month-old-startup-white-hat-jr-to-byjus/articleshow/77415329.cms">A WhatsApp message, six weeks of talks and a $300 million deal – how Karan Bajaj sold his less than 18-month old startup White Hat Jr to Byju’s</a>

Lebanon's prime minister and his entire cabinet have resigned following last week's deadly explosion in Beirut

<ul><li>Union Minister Nitin Gadkari announced that the government will buy shares in MSMEs that get listed on Indian stock exchanges.</li><li>"The units which have a good turnover and GST will be listed," he said during the <keyword id="6355512" type="ORGANIZATION" weightage="20" keywordseo="union-cabinet">Union Cabinet</keyword> press briefing.</li><li>The Bombay Stock Exchange (<keyword id="35140" type="CITY" weightage="20" keywordseo="BSE">BSE</keyword>) and the National Stock Exchange (<keyword id="6354646" type="UNKNOWN" weightage="20" keywordseo="nse">NSE</keyword>) already reduced the annual listing fees for MSMEs on May 18.</li></ul>Among the six measures that Nirmala Sitharaman announced in May, one was a ₹50,000 crore equity infusion for MSMEs through Fund of Funds. The Union Cabinet today expanded to say that units, which get themselves listed in the market through this route will have the assurance of the government buying their shares. "The units which export, have a good turnover and GST, will be listed and the government will buy shares in the company which will be a revolving fund and this will benefit the MSMEs entering the stock market," said Union Minister Nitin Gadkari. <div type="Article" hostid="261" msid="75717258" title="Finance Minister Nirmala Sitharaman announces six measures for the MSME sector" mstype="2" mssubtype="0"></div> Gadkari explains how the revolving fund will work The Union Minister highlighted that MSMEs listed on the stock market will no longer have to depend on banks for their funding. The government will be allowed to buy up to 15% of equity in any given MSME stock. “Through this equity investment, the MSME stock will be strengthened,” said Gadkari. <div type="Article" hostid="261" msid="76136376" title="Entities with up to ₹250 crore turnover, excluding exports, to be medium enterprises" mstype="2" mssubtype="0"></div> He described that the government will eventually sell off the shares for a profit and use that money to invest in other MSMEs. “Through this method MSMEs with a good balance sheet, good ratings and good GST record — we will give a push to those units,” said Gadkari illustrating how government investments will also help boost exports. He explained that there are nearly six crore MSMEs in India, which contribute to 48% of the country’s exports and are capable of creating 11 crore jobs. “I am a little optimistic. Since this a revolving fund, it’s possible that it will be worth ₹2 lakh crore within a couple of years,” he quipped. It’s cheaper to get listed On May 18, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) announced that they have reduced the annual listing fee for MSMEs by 25%. Normally they are charged ₹25,000 or 0.01% of the full market cap on the BSE and between ₹10,000 to ₹45,000 by the NSE depending on the market cap. The revised listing fee structure is applicable for existing companies as well as for firms who are waiting to be listed. SEE ALSO: <a href="https://www.businessinsider.in/india/news/entities-with-up-to-250-crore-turnover-excluding-exports-to-be-medium-enterprises/articleshow/76136376.cms">Entities with up to ₹250 crore turnover, excluding exports, to be medium enterprises</a> <a href="https://www.businessinsider.in/business/startups/news/oyo-founder-ritesh-agarwal-announces-esops-worth-130-crore-for-furloughed-employees/articleshow/76134783.cms">OYO founder Ritesh Agarwal announces ESOPs worth ₹130 crore for furloughed employees</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-will-try-again-for-a-made-in-india-tag-to-be-able-to-sell-farm-produce/articleshow/76131890.cms">Flipkart will try again for a ‘Made in India’ tag to be able to sell farm produce</a>

You Searched For "six cabinet ministers" and got 11 results

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

PTI

Union Cabinet meets in Parliament ahead of Budget presentation

ANI

"India's economic growth will be shining exception" FM Nirmala Sitharaman presents Union Budget 2024-25

ANI

Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today

ANI

President Ram Nath Kovind accepts resignations of 12 union ministers, including Ravi Shankar Prasad, Prakash Javadekar and Harsh Vardhan

PTI

Uttar Pradesh CM Yogi Adityanath adds seven new ministers including Jitin Prasada ahead of polls

IANS

Rishi Sunak says UK is committed to working quickly on free trade agreement with India

PTI

Israel imposes third nationwide lockdown amid vaccination drive

IANS

Amit Shah will take charge as India's Home minister in Narendra Modi's new cabinet

BI India Bureau

Lebanon's prime minister and his entire cabinet have resigned following last week's deadly explosion in Beirut

Kelly McLaughlin

Small businesses with ‘good turnover’ looking to get listed on the stock market will have the Indian government will buying their shares

Prabhjote Gill

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